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RANCHO CORDOVA, Calif., Aug. 29, 2013 (GLOBE NEWSWIRE) -- ThermoGenesis Corp. (Nasdaq:KOOL) ("ThermoGenesis"), a leading supplier of enabling technologies for the processing and storage of stem cells and other biological tissues, today reported financial results for the fourth quarter and year-ended fiscal 2013.
"Fiscal 2013 was a transformative year for ThermoGenesis, punctuated by several key accomplishments, including the divestiture of our non-core products, streamlining of our cost infrastructure and improving our market share within our base business," said Matthew T. Plavan, Chief Executive Officer of ThermoGenesis. "We believe these accomplishments position us well for near term stockholder value creation, a key catalyst of which lies in the future completion of the proposed merger with TotipotentRX ("TotiRX"). By combining our best-in-class technologies and solutions for the processing, preparing and preserving of cell-based products with TotiRX's extensive experience in developing clinically validated therapeutic protocols and cell therapy kits for major therapeutic areas, we expect the combined company to be one of the first fully integrated regenerative medicine companies which we believe substantially enhances the value of our business and will create greater value for our shareholders."
Mr. Plavan added, "And as for the fourth quarter, ThermoGenesis realized a number of important milestones, including the successful launch of a bone marrow transplant program in India and commercial distribution of our AXP System in China, one of the world's fastest growing cord blood markets."
Fourth Quarter 2013 and Recent Highlights
In July 2013, ThermoGenesis and TotiRX announced signing of a definitive merger agreement. The combined company is expected to become one of the first fully integrated regenerative medicine company, developing clinically validated, commercially scalable, point-of-care cell therapies for major therapeutic markets, including orthopedic, cardiovascular and neurologic indications. The combined company is expected to be named Cesca Therapeutics ("Clinical Excellence in Stem Cell Applications") and will continue to trade on NASDAQ. The merger is expected to close in the fourth quarter of calendar year 2013 and is subject to customary closing conditions, certain financial conditions and approval by the stockholders of both companies.